You’re not alone if you plan on setting up a craft jewelry business. It’s something that many people do every year, thanks to the growing market for artisanal jewelry. People want something novel and different, not just what big retailers offer in overpriced shop windows. But as a businesswoman, how do you set up such a business? To help you, below are five tips to set up a handmade jewelry business. Here’s everything you need to know.
1. Continuously learn
One of the most critical aspects of setting up a craft jewelry business is to engage in continuous learning. Constantly educating yourself about the sector and best practices can ensure that your jewelry shop stands out above others.
Part of the learning ought to focus on the jewelry itself. Learning new techniques, designs, and materials can help you expand your market. However, you primarily want to learn how to set up a successful online business, present your brand, and follow up with leads.
2. Create a unique design for your handmade jewelry biz
You also want your jewelry business to have a unique signature style. You want to offer something slightly different from everyone else.
Having a signature style is easier said than done, of course. However, careful planning and thinking can make it possible.
Try not to take cues from other designs already out there. Instead, imagine what you’d like to see and draw it on paper, or get help from artists who can create renderings for you. Some people even use AI tools to generate concepts they later refine to make their own.
3. Manage the inventory for your handmade jewelry business
You’ll also need to develop systems that help you manage inventory. It’s essential to have sufficient stock on hand to deal with spikes in demand.
Managing your inventory can be complex, but it is generally easier for jewelry brands because the physical volume of stock is smaller. Many companies can fit their entire stock in a few cardboard boxes.
With that said, you’ll need to manage the supply of wholesale diamonds, pearls, other precious stones, and metals from suppliers. Pay attention to lead times. Some suppliers are significantly faster than others.
4. Think carefully about your pricing strategy
You should also think carefully about your pricing strategy. You want to make your jewelry competitive, but at the same time, you don’t want to devalue your work.
Your pricing strategy should consider the value you’re trying to add. If you’re doing something unique with jewelry that nobody else can do, then you may be able to raise your prices significantly to reflect this noveltry.
Consider also experimenting with market segmentation. Offering a range of products and various price points can make your jewelry more accessible to a wider variety of people.
5. Choose the right e-commerce platform
Finally, you’ll want to choose the right e-commerce platform to sell online. Trying to go it alone at first usually isn’t advisable.
Shopify is an example of a leading e-commerce platform. Putting products on Etsy can also be a good way to catch people’s attention when browsing for jewelry online.
When deciding which one to choose, factors include flexibility and how active the community is there. Not sure where to start? Reach out to someone doing well in this space to ask them for tips. Many women are happy to mentor other women as we all benefit by helping one another.
If you could start any business, what would it be? How would you stand out from the competition if you pursue a handmade jewelry business? Comment below!
Top photo by Brooke Cagle on Unsplash